Federal Reserve cuts interest rates by a quarter point

[nmmi]

4. Jay Powell says Donald Trump couldn't fire him even if he tried

Yahoo Finance, 11/7/24 349 PM ET

President-elect Donald Trump has sent mixed signals for years on whether he would aim to fire or demote Fed Chair Jerome Powell when he reenters the Oval Office next year.

But Powell himself laid down a marker Thursday that he won’t be going anywhere, even if Trump tried.

"Not permitted under the law," the central bank chair said Thursday in curt but clear responses to reporters who asked about his views on any legal authorities Trump might have in terms of firing or demoting him or any other top Fed officials.

"No," he said at another point in a press conference on the question of whether he would leave.

More: https://finance.yahoo.com/news/jay-powell-says-donald-trump-couldnt-fire-him-even-if-he-tried-203952244.html

There's a lot more background and some legal interpretations in the article.

I can't post an OP (I need 5 reply posts first), but thought it was worth sharing so I hope it is OK to tack it on to here. The issue of the independence of the Federal Reserve under a Dictator On Day One (DODO) is deeply concerning to me. Powell sure got a lot of public verbal flack from tRump during his first admin.